BTCUSDTBTCUSDT is stuck in range from over the month with no clear direction of either side.
in such scenarios buying the lows and selling the tops are good option.
what you guys think of it ?
Rangesupport
Big Test of Support LevelWhilst this market has been caught in a range on the intraday charts we can see a potential momentum build up to the downside.
Price is now moving in to test the range support and with the momentum moving lower we could soon see a breakout.
If this occurs it could be a solid pair to watch for breakout trades and smaller time frame breakout and re-test trades.
KMD/BTC | Key Level | Range Support | Trade Setup Today's chart – KMD BTC – consolidating at range/structural support. Price holding support validates a long trade to technical targets above.
Points to consider:
- Key level
- 21 EMA visual guide
- Oscillators oversold
Trading at its long-term range support; proceeding a stark correction. Price needs to hold support to form a bullish bias.
Further price action and trend continuation will allow the 21 EMA to act as a visual guide; a trade management tool assisting in defining risk. An S/R flip of the 21 EMA will further support the bullish bias.
The RSI is trading near oversold conditions indicating weakness in the immediate market. Stochastics are reaching oversold conditions and may remain oversold for some time, however, a valid buy cross will indicate momentum shifting on the macro time frame with stored momentum to the upside.
Overall, in my opinion, KMDBTC needs to hold support at this level for a long trade to technical targets above and risk defined below support.
What are your thoughts?
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GBPJPY Short|Bearish Divergence|Range Support|.618 FibonacciEvening Traders,
Today’s Analysis – GBPJPY- at a pivot point on the chart, price is likely to impulse down if dynamic resistance is respected.
Points to consider,
- Macro trend bearish
- Resistance confluence
- Oscillators diverging
- Volume below average
- Range support target
GBPJPY’s macro trend has been putting in consecutive lower highs – this gives us a bearish bias on the overall market.
Price is currently testing dynamic resistance; this area has multiple technical confluences, the .618 Fibonacci and market structure – putting more significance on the level.
Oscillators are both diverging from price validating a bearish divergence. Price respecting the .618 Fibonacci will keep the divergences at play.
volume profile overall is below average, a respect or break of the dynamic resistance will lead to a notable volume influx.
Overall, in my opinion, range support is the immediate target if technical levels are respected. A short is valid with defined risk.
Price breaking above dynamic resistance will negate the trade.
What are your thoughts?
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NZDUSD Short |Bearish Divergence|Liquidity Grab|Range ResistanceEvening Traders,
Today’s Analysis – NZDUSD- trading at key range resistance with bearish price action.
Points to consider,
- Macro trend bearish
- Range resistance (Pivot)
- Range Midpoint (immediate target)
- Oscillators diverging
- Volume below average
NZDUSD’s macro trend is bearish with consecutive lower highs, this projection give us a bearish bias on the market. Price is at a key pivot point – range resistance- candle closes above this level will negate the short.
The Range midpoint is the objective, price breaking through this level will increase the probability of testing range support.
The Oscillators both are diverging from price, putting in lower highs; this is an indication of weakness in the market.
Volume is trading below average, an influx is highly likely as we are at key structure anticipating a probable influx due to the double bearish divergence playing out.
Overall, in my opinion, NZDUSD is a valid short with defined risk above structural resistance, immediate target being the range midpoint and beyond. Any moves are to be backed with increasing volume to avoid false breaks.
What are your thoughts?
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BTCUSD Key Levels|Pivotal Point|Volume Climax|10K PsychologicalEvening Traders,
Today’s Analysis – BTCUSD – breaking down once again from the $10,000 Psychological level, now trading at local resistance.
Points to consider,
- Impulse bear move down
- Local resistance (multiple confluences)
- Range support (bear target)
- RSI and Stochastics overextended
- Volume Climax evident.
BTCUSD’s impulse move down broke below local resistance which has multiple technical confluences.
The 200 MA is in confluence with the .382 Fibonacci retracement , body candle closes below or above this will give us a directional bias.
The bear target is range support; BTCUSD is in a clear range on the daily timeframe
Both RSI and Stochastics are recovering form overextended conditions, a swing low failure will be a bullish sign.
BTCUSD has established a volume climax node; this usually indicates a temporary bottom as price finds its equilibrium before its next impulse move.
Overall, in my opinion, BTCUSD’s price needs further development; price action will help with the directional bias as this is a pivotal point in the chart.
What are your thoughts?
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“The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.” – Jesse Livermore
